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the budget proposes to remove shares transaction levy at 0.3% and witholding tax at 2.5% (for the interest of deposits), both of which were final taxes(which means you didnt have to include them in your taxable income once these automatic taxes were deducted at source).
by removing them the deposit interest and share capital gains will have to be included in the taxable income calculations and will be charged at 15% for income tax.
the amount of income tax payable will be considerably increased to say the least.
(i am talking about those who earn more than 200,000rs per month.)
please prove i am wrong.
by removing them the deposit interest and share capital gains will have to be included in the taxable income calculations and will be charged at 15% for income tax.
the amount of income tax payable will be considerably increased to say the least.
(i am talking about those who earn more than 200,000rs per month.)
please prove i am wrong.
